{"id":558797,"date":"2021-08-26T04:35:01","date_gmt":"2021-08-26T04:35:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/foreign-investor-launches-takeover-bid-for-galina\/"},"modified":"2021-08-26T04:35:01","modified_gmt":"2021-08-26T04:35:01","slug":"foreign-investor-launches-takeover-bid-for-galina","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/foreign-investor-launches-takeover-bid-for-galina\/","title":{"rendered":"Foreign investor launches takeover bid for Galina"},"content":{"rendered":"<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>An unnamed foreign investor has launched a takeover bid for Galina <\/strong><strong>Holding<\/strong>, submitting a bid for 100% of the company, CEO Abdelwahed Soliman told us yesterday. Soliman didn\u2019t disclose the identity of the potential buyer or the value (or structure) of the bid, but said that the company has set an EGP 6.50 per share asking price, valuing it at around EGP 780 mn.<\/p>\n<p><strong>A second option: A January IPO.<\/strong> Galina is also continuing to work toward potential IPO on the EGX, which would see the company list a 49% stake as early as January 2022, Soliman said.<\/p>\n<p><strong>A slight change of plan:<\/strong> As recently as January, the agrifoods player was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/556d5583-338c-4c27-88e2-75026256ac6e\">planning to sell the 49% stake in a private placement<\/a>, raising an estimated EGP 600 mn, Soliman told us at the time. The sale would then have been followed by an IPO that would have seen the company float at least 10% on the EGX. Investors from the UK, US and Germany were among the potential suitors, he said.<\/p>\n<p><strong>Galina has so far received two \u201cserious\u201d offers:<\/strong> one for a 30% stake, which the company turned down, and the bid that it\u2019s now considering, Soliman told us yesterday.<\/p>\n<p><strong>An IPO has been a long time coming:<\/strong> The holding company has been aiming to list one of its subsidiaries on the EGX <a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/06\/galina-agrofreeze-looks-towards-egx-listing-as-it-seeks-to-leave-nilex\/\">since 2018<\/a>, when it announced its plan to offer 25-40% of its frozen foods unit on the EGX. The company has said it would use the proceeds to finance its expansion plans in fruit and vegetable concentrates and meat alternatives.<\/p>\n<p><strong>ADVISORS:<\/strong> Galina has appointed Mazars Mostafa Shawki to value the company and is in talks with a number of bankers to manage the potential listing. It is also in talks with prospective legal counsel. The company had previously appointed Renaissance Capital to quarterback the private placement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An unnamed foreign investor has launched a takeover bid for Galina Holding, submitting a bid for 100% of the company, CEO Abdelwahed Soliman told us yesterday. Soliman didn\u2019t disclose the identity of the potential buyer or the value (or structure) of the bid, but said that the company has set an EGP 6.50 per share [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":558798,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[68,72,78,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"eabc2421-b485-4ed1-aa01-aeedd266d407","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/273.jpg","photo_position":"above","related_issue":[558793],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Foreign investor launches takeover bid for Galina - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/foreign-investor-launches-takeover-bid-for-galina\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign investor launches takeover bid for Galina\" \/>\n<meta property=\"og:description\" content=\"An unnamed foreign investor has launched a takeover bid for Galina Holding, submitting a bid for 100% of the company, CEO Abdelwahed Soliman told us yesterday. Soliman didn\u2019t disclose the identity of the potential buyer or the value (or structure) of the bid, but said that the company has set an EGP 6.50 per share [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/foreign-investor-launches-takeover-bid-for-galina\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-26T04:35:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/273.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/foreign-investor-launches-takeover-bid-for-galina\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/foreign-investor-launches-takeover-bid-for-galina\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Foreign investor launches takeover bid for Galina\",\"datePublished\":\"2021-08-26T04:35:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/foreign-investor-launches-takeover-bid-for-galina\/\"},\"wordCount\":307,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/foreign-investor-launches-takeover-bid-for-galina\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/273.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EGX\",\"EnterpriseAM\",\"IPO watch\",\"M&amp;A Watch\"],\"articleSection\":[\"M&amp;A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/foreign-investor-launches-takeover-bid-for-galina\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/foreign-investor-launches-takeover-bid-for-galina\/\",\"name\":\"Foreign investor launches takeover bid for Galina - 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The company is aiming to raise at least EGP 500 mn from\u2026","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/339.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":627801,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/12\/omega-capital-bids-to-acquire-20-stake-of-galina-for-egp-75-mn\/","url_meta":{"origin":558797,"position":2},"title":"Omega Capital bids to acquire 20% stake of Galina for EGP 75 mn","author":"enterpriseam admin","date":"12 June 2018","format":false,"excerpt":"M&A WATCH- Egyptian private equity firm Omega Capital made an offer to acquire 20% of British Egyptian Company for General Development Company (Galina) for EGP 75 mn, Galina Chairman Abdel Wahed Soliman tells Al Mal. The agrifoods company, which is 98% owned by the Soliman family, produces frozen fruits and\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":625455,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/06\/galina-agrofreeze-looks-towards-egx-listing-as-it-seeks-to-leave-nilex\/","url_meta":{"origin":558797,"position":3},"title":"Galina-Agrofreeze looks towards EGX listing as it seeks to leave Nilex","author":"enterpriseam admin","date":"6 August 2018","format":false,"excerpt":"IPO WATCH- Galina-Agrofreeze looks to spin off and list its frozen fruit and veggies business on the EGX: Galina-Agrofreeze Fruits & Vegetables is looking to spin off its frozen fruit and vegetables processing business from its fruit concentrates unit, with plans to list the former on the EGX in the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567975,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/14\/galina-to-sell-49-in-egx-debut\/","url_meta":{"origin":558797,"position":4},"title":"Galina to sell 49% in EGX debut","author":"enterpriseam admin","date":"14 December 2020","format":false,"excerpt":"Agrifood player Galina Holding will sell up to 49% of the company in its EGX debut slated for early 2021 with the aim of raising USD 50 mn through the issuance of 161 mn new shares, Galina Chairman Abdel Wahed Soliman told Al Mal. Galina plans to use the proceeds\u2026","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/238.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573049,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/19\/galina-holding-eyes-egypt-ipo-in-early-2021\/","url_meta":{"origin":558797,"position":5},"title":"Galina Holding eyes Egypt IPO in early 2021","author":"enterpriseam admin","date":"19 July 2020","format":false,"excerpt":"IPO WATCH- Agrifoods player Galina eyes IPO in early 2021: Galina Holding is planning to make its EGX debut around the beginning of next year, by which time it expects markets will have stabilized from the fallout from the covid-19 pandemic, Chairman Abdel Wahed Soliman tells Al Mal. The company\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=558797"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558797\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558793"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/558798"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558797"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558797"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}